The financial services industry has undergone significant changes in recent years. As foreclosures have risen and credit has tightened, financial institutions are competing fiercely for available market share through new products, business models, and partnerships.
As demand for flexibility, accessibility, and personalization grow, financial services organizations will accelerate their use of technology to meet customer needs. It is anticipated that technology solutions such as cloud computing, advanced analytical tools, social media and mobile computing will reshape how the financial services industry designs and delivers value-added products and services to consumers.
All this technological advancement has elevated the risk profile of most financial organizations as they try to stay ahead of the IT security curve. Organizations must manage the risks today and anticipate new security risks that are on the horizon.In its 2011 U.S. Cost of a Data Breach, the Ponemon Institute reported that the financial impact of hacks continues to rise, with the cost per compromised record now at $214 (up from $204 in 2009) and the total price tag for each data breach event averaging around $7.2 million.In addition to the information security risk, financial services organizations must ensure compliance with a variety of regulatory requirements and industry standards such as the Gramm-Leach-Bliley Act (GLBA) PCI DSS, SSAE, ISO, ANSI X9 and FISMA. These regulations and standards are designed to help protect vital customer and financial data. However, they are complex and can place great demands on any organization to become compliant.
With the explosion of data, the threat of cyber-attacks, and the expansion of regulatory controls, the financial services industry is facing a challenging set of demands.
How we help
CompliancePoint offers a suite of services and technology products that can help you satisfy these information security requirements and ease the compliance burden — from assessing your current environment, to developing sound information security policies, to implementing robust risk management solutions.
Our consulting services and technology products help you ensure the security and confidentiality of customer data and protect against data breaches or unauthorized access.
CompliancePoint can assist Financial Services organizations in the following areas:
Compliance Assessments:
- Security Risk Assessment - Identifies all of the assets and vulnerabilitieswithin your network
- PCI DSS - Ensures compliance with the Payment Card Industry Data Security Standard
- PA PCI DSS - Focuses on assessment, remediation, and certification of the Payment Application.
- TG3 (TR39) - helps organizations involved with EFT ensure and protect their payment system networks
Security Consulting:
- Policy & Procedure Development - Clearly define your company's policies for protecting information and data assets
- Network Security Review - Uncover Network and application vulnerabilities to make your IT environment more secure
- Security Incident Response - Understand how to prepare your organization in the event of an attack or data breach
- Business Continuity / Disaster Recovery - Use our multi-phase consulting approach to protect your business
Information Security Products:
- Compliance Automation Portal – centralizes, automates and correlates all compliance activities
- PIIFinder – scans files and databases for critical PHI data
- Security Awareness Training – provides a variety of online and onsite security training
- Information Security
- Data Loss Prevention
- Encryption & Key Management
- Logging & Monitoring
- Network Security Devices
- Identity & Access Management
Managed Services
- Network and Security Monitoring - Effective monitoring is essential to ensure data security. Our full range of services helps automate this process.
- Penetration Testing and Vulnerability Scanning - Identifies vulnerabilities in network devices such as firewalls and then tests the identified vulnerabilities
For more information, contact CompliancePoint at security@compliancepoint.com or (855) 670-8780.